Tremor, the programmatic insurance and reinsurance risk transfer marketplace, has raised another $4 million in financing, bringing its total funds to date to $15 million.
Anthemis Group, Berkley Ventures and Markel Digital Investments participated in this latest round of funding, which will set the marketplace up for further growth.
So far, Tremor has executed 15 auctions for treaty, facultative and retrocessional reinsurance across P&C lines of business, including deals for Allianz, Markel Insurance Company, and W. R. Berkley Corporation.
There are now 97 markets on its platform, up from 30 two years ago, and the company has processed auctions in partnership with some of the largest global reinsurance brokers.
In partnership with Willis Re, Tremor recently completed a Workers’ Compensation placement for W. R. Berkley Corporation, bringing in more than $100 million of quotes to complete an auction on its platform.
“We are humbled by the support from our investors who are also true partners to the company,” said Sean Bourgeois, Tremor’s Founder & CEO.
“The current funding will allow Tremor to further develop capabilities that we will be announcing over the coming months and gives us ample runway to outlast the slow adoption curve typical of traditional industries,” he continued.
“Importantly, Tremor is now beyond the proof-point of its technology with several significant repeat auctions under our belt. With today’s funding, our message to the market is that we are here to stay.”
In addition to its commercial milestones, Tremor launched and ran a series of weekly transactions during renewal season.
For instance, the company facilitated more than $100 million of weekly bids and offers over a series of weekly ILW auctions, and also launched and ran a Live CAT marketplace that that acted as a trading venue during Hurricane Laura.
Tremor previously announced that it had seen an average of $70 million capacity offered and $30 million of protection requested each week on its ILW market since launching in April, for a total of $100 million.